v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Income taxes
20.
Income taxes

The Income (loss) before income taxes consisted of:

 

 

Year ended

 

 

 

December 31,
2025

 

 

December 31,
2024

 

Income (loss) before income taxes

 

 

 

 

 

 

United States

 

$

(18,113

)

 

$

147,364

 

Foreign

 

 

24,423

 

 

 

2,119

 

 

 

$

6,310

 

 

$

149,483

 

 

The income tax benefit (expense) benefit consisted of:

 

 

 

Year ended

 

 

 

December 31,
2025

 

 

December 31,
2024

 

Current

 

 

 

 

 

 

Federal

 

$

2

 

 

$

(1

)

State

 

 

—

 

 

 

—

 

Foreign

 

 

—

 

 

 

(1

)

Deferred

 

 

 

 

 

 

Federal

 

 

—

 

 

 

—

 

State

 

 

—

 

 

 

—

 

Foreign

 

 

—

 

 

 

—

 

Income tax benefit (expense)

 

$

2

 

 

$

(2

)

 

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate pursuant to the disclosure requirements of ASU 2023-09 applied prospectively is as follows:

 

 

 

Year ended December 31,

 

 

 

2025

 

Statutory federal income tax rate

 

$

1,325

 

 

 

21.0

%

Noncontrolling Interests

 

 

(729

)

 

 

(11.6

)%

Valuation allowance

 

 

(615

)

 

 

(9.7

)%

Florida state taxes

 

 

123

 

 

 

1.9

%

Foreign tax effects:

 

 

 

 

 

 

Spain valuation allowance

 

 

15,251

 

 

 

241.7

%

Spain statutory tax rate difference

 

 

2,674

 

 

 

42.4

%

Spain non taxable income

 

 

(18,017

)

 

 

(285.5

)%

Spain other

 

 

92

 

 

 

1.5

%

Other

 

 

(102

)

 

 

(1.7

)%

Effective tax rate

 

$

2

 

 

 

(0.0

)%

 

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate, prior to adoption of ASU 2023-09, is as follows:

 

 

 

Year ended December 31,

 

 

 

2024

 

Statutory federal income tax rate

 

 

21.0

%

Noncontrolling Interests

 

 

(17.9

)%

Valuation allowance

 

 

(3.6

)%

State taxes

 

 

0.6

%

Effect of foreign operations

 

 

0.3

%

Other

 

 

(0.4

)%

Effective tax rate

 

 

—

%

 

 

Net deferred tax assets are as follows:

 

 

 

As of

 

 

December 31,
2025

 

 

December 31,
2024

 

Deferred tax assets:

 

 

 

 

 

 

Start-up/Organization costs

 

$

1,202

 

 

$

1,303

 

Partnership Investment

 

 

139,039

 

 

 

111,776

 

Net operating loss carryforwards

 

 

26,078

 

 

 

1,954

 

Other

 

 

(449

)

 

 

146

 

Total deferred tax assets

 

 

165,870

 

 

 

115,179

 

Valuation allowance

 

 

(165,870

)

 

 

(115,179

)

Deferred tax asset, net of allowance

 

$

—

 

 

$

—

 

Management has reviewed all available evidence, both positive and negative, in determining the need for a valuation allowance with respect to the gross deferred tax assets. In determining the manner in which available evidence should be weighted, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore continued to maintain a full valuation allowance.

As of December 31, 2025 and 2024, respectively, the Company has foreign net operating loss carryforwards of $64.4 million and $1.1 million for tax purposes, which never expire if unused. As of December 31, 2025, the Company has federal and state net operating loss carryforwards of $39.4 million, which also never expire if unused. The Company did not have any foreign tax credit carryforwards, net of valuation allowance.

The Company received a federal tax refund of $0.4 million and paid $0.1 million in income taxes for the years ended December 31, 2025 and 2024, respectively.

There were no unrecognized tax benefits as of December 31, 2025 and 2024. No amounts were accrued for the payment of interest and penalties at December 31, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income in the accompanying consolidated statements of operations and comprehensive income.

In the normal course of business, the Company is subject to examination by U.S. federal and certain state, local and foreign tax regulators. At December 31, 2025, U.S. federal tax returns related to Falcon’s Pubco and Opco entities for the years 2022 through 2024 are generally open under the normal statute of limitations and therefore subject to examination. State and local tax returns of our Falcon’s Pubco and Opco entities are generally open to audit for tax year 2022-2024. In addition, certain foreign subsidiaries’ tax returns from 2016 to 2024 are also open for examination by various regulators. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s consolidated financial statements.

On July 4, 2025, H.R. 1, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14”, commonly referred to as the "One Big Beautiful Bill Act,” was enacted in the United States. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of accelerated fixed asset depreciation and modifications to the international tax framework. We applied the relevant changes to the Company’s income tax provision for the period ended December 31, 2025, which did not materially impact the Company’s consolidated tax position.